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When do acquirers earn abnormal returns?
The conditions under which acquirers earn abnormal returns are explored. An empirical test is provided of Barney (1988) and Chatterjee's (1986, 1992) arguments by examining the role of the respective resource contribution of the target and the acquirer. Combining an event study with a survey of postacquisition resource transfer on a sample of 101 horizontal acquisitions, it was found that acquirers do not earn abnormal returns when they only receive resources from the target. IN this case, it is likely that multiple bidders, which could have equally captured these resources, competed away all the abnormal returns from the successful bidder. In contrast, it was found that acquirers can expect to earn abnormal returns when they transfer their own resources to the target. Value creation does not ensure value capture for the acquirer..Printed Journal
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | John Wiley & Sons., |
|---|---|
| Edisi | - |
| Subjek | Resource management Acquisitions & Mergers studies Rates of return Target company |
| ISBN/ISSN | 1432095 |
| Klasifikasi | - |
| Deskripsi Fisik | - |
| Info Detail Spesifik | - |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas | Tidak Ada Data |